We accept deposits in any of the major international currencies for fixed periods ranging from one week to twelve months. Interest rates, normally subject to daily fluctuations in the domestic and international money markets, are fixed at the outset of each period for the duration of that period at the following rates:

  K = 1,000
  M = 1,000,000

"MMCR" means the daily money market credit rate determined by the Bank to be the arithmetic mean (rounded upwards to four decimal places) of the deposit rates per annum quoted on Reuters under code FWDS in the London interbank markets at or about 9.00 a.m. on the first day of the relevant fixed period for the offering of deposits for the relevant amount in the relevant currency for a period akin to the relevant fixed period.

The interest rates shown are annual gross rates - i.e. taking no account of the deduction of UK basic rate income tax.

1. Interest Rate & Amount
   The interest rate will be notified in writing directly to the client at the commencement of each interest period . The interest amount will be added to the principal amount on the last day of each interest period. At the end of any fixed period, the deposit (principal plus interest) will be automatically rolled over at a fixed period of the same duration unless instructed otherwise by the customer.

   The interest calculation base is 365 days for sterling and 360 days for all other currencies.

   As with the Call Deposit account any interest paid to an account in the UK is governed by UK law on income tax, and will normally be paid net of income tax at the basic rate.

2. Withdrawals
   The customer can have immediate access to all or part of the monies on the Term Deposit Account. Any withdrawals made during a fixed interest period will be subject to a penalty equal to the interest on the amount withdrawn from the first day of the interest period started.